I need help with overdraft situation

[jasonarebull]

I have been a customer at this bank for 5 months. I recently had my first overdrafts. I spent 40.00 on 4 transactions that put me overdraft. I got hit with ridiculous fees that were up to 330.00 by the time i caught them. I went to the bank and talked to a teller and she directed me to one of the people in an office. I was respectful and nice about the whole situation. I asked is there any way I can get this money back!? She said sign up for this Cash Reserve Credit(Overdraft protection) and she will try to get back as much as she can.

She called me back a few days later and asked if I had gotten the activation letter in the mail for the overdraft protection. I said yes and I inquired as to how much of my money I will be getting back. She said the most she could do it 160 and she had to pull a lot of strings... and that was only after I activate the Cash Reserve Credit Approval.

I told her alright and hung up the phone. I have not activated it yet because I really don't want to. I only do if I get all of my money back. And that is where I am stuck right now. What should I do? Should I sign up? Maybe not?

I feel like 160 is BS. I have been an outstanding customer with them, never one problem and they can only do half? Guys I need help I want all of this money back I'm so disssatisfied with my bank right now. Any help will be greatly appreciated!!!

[creditcardfree]

I had a line of credit on my account to avoid the same type of fees that you have incurred. It really is a good idea to sign up to avoid this in the future. It can happen at any bank, if your finances are that tight.

I would sign up and take the $160...but also keep talking to the bank. I'd ask them to explain why that can return more of the fees. Ask to speadk to a supervisor. Remember, however, you agreed to their terms and conditions when you opened the account with them. You will end up paying something.

If you really don't like it you can leave the bank, but I don't think you'll get all your money back.

Some lessons are costly. Best wishes!!

[wincrasher]

Dude,

You spent more than you had in the bank. An excellent customer keeps money in the bank. The guy with thousands or tens of thousands on deposit is going to get consideration. You are very lucky they are willing to give you the 160. They don't have to give you a penny. Say thank you and try to do better managing your balance in the future.

[tmvijai]

I would persist. DOn't give up. Money is money whether you have few bucks or few thousands. It is your money and you earned. You might have let go of few bucks but still should try to get back the maximum. Talk to the supervisor and also explain the situation in a kind way. Also try to compare other banks and see what they can do. You can only ask and ask kindly.

[feh]

Originally Posted by wincrasher

Dude,

You spent more than you had in the bank. An excellent customer keeps money in the bank. The guy with thousands or tens of thousands on deposit is going to get consideration. You are very lucky they are willing to give you the 160.

+1

Yes, the fees seem exorbitant, but this is a problem of your own making. You can ask for a reduction (as you have, and they granted), but ultimately you are responsible for the situation.

Looking at things from the bank's perspective - they're not viewing somebody who's been with them for 5 months and already has overdrafts as a "good customer".

[boosami]

If this happened to me, here is what I'd do:

Write a formal letter to the bank explaining the situation. Mention that I am a good, long-standing customer and this was a one-time mistake. Inform them that I love the service I have been getting, but feel such fees for a simple mistake are unjust and should be forgiven. Tell them if they do not remove/refund them completely, I will cancel my accounts and move to another bank.

Of course, since you've only been a customer for a few months and do not keep enough money in to prevent overdrafting, they may not consider you a good enough customer to reduce your fees any more. Since you've already been offered $160 back, you might just want to take it. If you really want to try to get it all, write the letter--even though it is not a guarantee.

[disneysteve]

Originally Posted by jasonarebull

I have been a customer at this bank for 5 months.

I have been an outstanding customer with them, never one problem and they can only do half?

Welcome to the site. I have to agree with wincrasher and feh. The bank didn't do anything wrong here. In fact, they're being very generous by offering to refund $160 in fees that YOU AGREED to pay when you opened the account.

You've only been witih them for 5 months and already have 4 overdrafts. I'm not quite sure why you consider that to be an "outstanding customer."

I'm also curious about something you said. You said, "fees that were up to 330.00 by the time i caught them." How much time passed before you caught the problem. Banks will often be more apt to reverse a fee when you request it right away. The more time has passed, I've found, the less likely they are to go back in the records to change something that happened months ago.

All of that said, I think what boosami said is reasonable. Write a letter. I wouldn't put too much emphasis on being a good, long-standing customer though, since that really isn't true. I'd say that you are relatively new to the bank and just accidentally overdrew the account and you're sure it won't happen again.

[ActYourWage]

You probably will not be getting much more money back. It is the customer's responsibility to make sure they have enough money in the bank. I used to have those fees apply to me in my earlier years and I used to think it was the banks fault for not waiving the fees. Until I realized it was MY fault, I didn't have enough funds in the account to prevent overdraft. You can't blame the bank on this one.

[Thriftina]

Apparently the OP is looking at his loyalty to the bank. We all mess up with our finances at one point or another and we would like the bank to consider our history with them, especially if we have a history of not being careless with our account.

OP, I can understand you wanting all of your money back because of your track record with this bank and maybe 2 years ago, they would've provided you all of your money, but banks are scuffling for money themselves now due to the economy. Be grateful for them at least offering you almost half of the money back. I have been with BOA since they were Nation's Bank and recently I had an overdraft charge that they REFUSED to take off even when they noticed I tried to cover it.